The global blockchain in supply chain market will grow at a CAGR of around 60% during the forecast period

Blockchain applications for the supply chain are built on permissioned ledgers that are controlled by some actors or miners, which enhances security and traceability. The market is expected to grow as several IT players as well as start-ups have initiated the promising pilot projects.

For example, Nestle, a food retail giant, in July 2019, announced that it would pilot the open blockchain technology for tracking its products along the supply chain. The pilot project will trace the milk from producers and farm in New Zealand till the warehouse and factories in Middle East.

Walmart is testing the blockchain application to provide traceability for farm to fork and to improve transparency, efficiency, and food safety. IBM and Maersk, a shipping company, are working on cross-party, cross-border transactions that use the blockchain technology for enhancing the process efficiency. BHP is using the blockchain solution for tracking samples internally as well as externally from several providers.

According to the blockchain in supply chain industry analysis, North America accounted for the largest share of the global blockchain in supply chain market in 2018. Key players, such as IBM and Microsoft, continue to invest in blockchain technology, thereby result in the increased adoption of blockchain technology in supply chain. Bumble Bee Foods, one of the well-known seafood companies in North America, is using the blockchain technology for product traceability. The Asia Pacific region is expected to witness the fastest growth rate due to increased investments in blockchain-based start-ups.

Report Highlights

The application providers segment is estimated to hold the largest market share and is expected to witness significant growth at the highest CAGR as application providers are the entities that are usually specialized in different protocol implementations.

Among these applications, provenance tracking is estimated to hold the largest market share in 2019, and smart contracts is anticipated to grow at the highest rate during the forecast period 2019-2025.

The retail & e-commerce segment is expected to hold the largest market share, and the healthcare & life sciences segment is predicted to grow at the highest CAGR during the forecast period.

Competitive Analysis and Key Vendors

The report covers and analyzes the global blockchain in supply chain market. Major vendors across different verticals are planning for high investments in this market, and as a result, the blockchain in supply chain market is expected to grow at an impressive rate in the coming years.

The key players in the blockchain in supply chain market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in the strong position in the market.

There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.

IBM had already identified the potential of blockchain technology in supply chain management and has several projects in development and pilot stages.